Do Kwon's appeal rejected: Montenegro court upholds the verdict

The Constitutional Court of Montenegro dismissed the appeal of Do Kwon, the South Korean cryptocurrency tycoon and co-founder of Terraform Labs, the mastermind behind the catastrophic collapse of the TerraUSD (UST) stablecoin and the Luna token. Kwon’s appeal against his extradition ruling was unanimously rejected by the court. The legal options for Kwon are decreasing. According to the report of the local media ‘Korea JoongAng Daily’, the court’s ruling remains the same as the previous ruling in favor of Kwon’s extradition, with Minister of Justice Bojan Božović making the final decision on whether he will have to stand trial in his home country of South Korea or be extradited to the United States. Kwon’s appeal was rejected due to inconsistent legal reasons. The court also dismissed his argument of procedural unfairness and violation of his rights. Kwon has been closely monitored since the collapse of the stablecoin TerraUSD (UST) and its sister coin, Luna, in May 2022, causing a staggering $40 billion market loss. Both the United States and South Korea have requested his extradition, accusing him of financial crimes, including fraud and market manipulation. After escaping from South Korea, Kwon traveled through several countries including Singapore, UAE, and Serbia before being arrested in Montenegro in March 2023 for attempting to enter with a fake passport. Therefore, the latest court ruling significantly narrows Kwon’s legal options to delay extradition, and analysts predict that Montenegro may ultimately send him to the United States, where he will have to face charges related to the Terra-Luna collapse. Kwon’s legal situation is even more complicated due to a large civil penalty imposed by the U.S. Securities and Exchange Commission (SEC). In June 2024, Terraform Labs and Kwon agreed to settle with the securities regulator for $4.5 billion, including a significant penalty for Kwon individually, as well as a prohibition from participating in cryptocurrency transactions. Kwon’s fate hangs in the balance Despite the ruling, Kwon’s legal team is expected to continue to fight against his extradition, especially to the United States, where the charges are more extensive. Meanwhile, South Korea has urged for a speedier resolution while expressing concerns about potential hidden human rights violations due to delays in the extradition process. With this judgment, Kwon’s fate now rests in the hands of the Minister of Justice of Montenegro, who will decide on his further legal steps. DYOR! #Write2Win #Write&Earn $LUNC {spot}(LUNCUSDT)